Mitsubishi Chemical Advanced Materials, a subsidiary of Japan-based Mitsubishi Chemical Group, plans to invest $20.3 million to expand its Reading operations.
“This investment reflects Mitsubishi Chemical’s long-term commitment to Pennsylvania and expanding advanced manufacturing in the region,” Daniel Barish, Mitsubishi Chemicals Advanced Materials Americas president, said. “By establishing a center of excellence for the extrusion of general and advanced engineering plastics, we are strengthening our innovation capabilities while creating high-quality jobs and new opportunities for local communities.”
The company manufactures high-performance thermoplastics and composites for a wide range of applications and industries, and specializes in the production, processing and application of engineering plastics and innovative composite materials. Expansion plans include the construction of an adjacent facility, and the installation of new machinery and equipment.
“The creation of 42 new jobs and retention of hundreds more strengthens our local economy and reinforces Reading as a place where industries can continue to grow and succeed,” Mayor Eddie Morán said.
The new jobs will be created within the next three years. The project also will retain 441 full-time positions.
The Governor’s BusinessPA team coordinated the project, and Pennsylvania Department of Community and Economic Development submitted a funding proposal for a $500,000 Pennsylvania First grant.